The Goldman Sachs Group Lowers Cytokinetics (NASDAQ:CYTK) to Neutral

The Goldman Sachs Group lowered shares of Cytokinetics (NASDAQ:CYTK) from a buy rating to a neutral rating in a research note published on Tuesday morning, Marketbeat.com reports. They currently have $60.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $85.00.

CYTK has been the topic of a number of other research reports. JMP Securities lowered their price target on Cytokinetics from $106.00 to $78.00 and set a market outperform rating on the stock in a report on Tuesday, May 28th. Oppenheimer lowered their target price on Cytokinetics from $107.00 to $106.00 and set an outperform rating on the stock in a research note on Thursday, May 9th. B. Riley lowered their target price on Cytokinetics from $122.00 to $92.00 and set a buy rating on the stock in a research note on Tuesday, June 4th. Bank of America lowered their target price on Cytokinetics from $70.00 to $60.00 and set a neutral rating on the stock in a research note on Thursday, May 23rd. Finally, HC Wainwright restated a buy rating and issued a $90.00 target price on shares of Cytokinetics in a research note on Monday. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Cytokinetics currently has an average rating of Moderate Buy and an average price target of $80.27.

Cytokinetics Price Performance

NASDAQ:CYTK opened at $57.06 on Tuesday. Cytokinetics has a 12-month low of $25.98 and a 12-month high of $110.25. The firm has a market capitalization of $5.98 billion, a P/E ratio of -10.57 and a beta of 0.75. The business has a 50 day simple moving average of $55.23 and a 200 day simple moving average of $63.18.

Cytokinetics (NASDAQ:CYTK) last announced its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($1.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.06) by ($0.25). The firm had revenue of $0.25 million during the quarter, compared to the consensus estimate of $7.61 million. During the same quarter in the previous year, the business earned ($1.34) earnings per share. The firm’s revenue for the quarter was down 71.3% compared to the same quarter last year. Research analysts anticipate that Cytokinetics will post -4.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Cytokinetics news, Director Robert Arthur Harrington sold 1,580 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $48.64, for a total value of $76,851.20. Following the completion of the sale, the director now owns 15,541 shares in the company, valued at approximately $755,914.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director B Lynne Parshall sold 5,000 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $55.20, for a total transaction of $276,000.00. Following the completion of the sale, the director now directly owns 20,600 shares of the company’s stock, valued at approximately $1,137,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Arthur Harrington sold 1,580 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $48.64, for a total value of $76,851.20. Following the sale, the director now directly owns 15,541 shares of the company’s stock, valued at $755,914.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 169,832 shares of company stock worth $9,087,691. 3.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cytokinetics

A number of hedge funds and other institutional investors have recently bought and sold shares of CYTK. Darwin Global Management Ltd. acquired a new stake in Cytokinetics during the 2nd quarter valued at $246,074,000. First Turn Management LLC acquired a new stake in Cytokinetics during the 4th quarter valued at $67,414,000. Westfield Capital Management Co. LP acquired a new stake in Cytokinetics during the 1st quarter valued at $51,277,000. Norges Bank acquired a new stake in Cytokinetics during the 4th quarter valued at $60,299,000. Finally, Integral Health Asset Management LLC increased its stake in shares of Cytokinetics by 122.2% in the 2nd quarter. Integral Health Asset Management LLC now owns 1,000,000 shares of the biopharmaceutical company’s stock valued at $54,180,000 after buying an additional 550,000 shares during the period.

About Cytokinetics

Cytokinetics, Incorporated, a late-stage biopharmaceutical company, focuses on discovering, developing, and commercializing muscle activators and inhibitors as potential treatments for debilitating diseases. The company develops small molecule drug candidates primarily engineered to impact muscle function and contractility.